A new spirit of economic freedom is at work in India, bringing with it great change. A series of ambitious economic reforms, aimed at deregulating the country and stimulating foreign investment have taken place.

India is a democracy of one billion people, and economic reform is a consensus shared by its many political parties. They have been quick to embrace free market enterprise, which has attracted a number of American corporations, including General Electric, General Motors, Hewlett-Packard, Johnson & Johnson, and Microsoft, to name a few.

Bangalore, is known as the "Silicon Valley of India." The city is a vast entrepreneurial haven, not only to the software engineering industry, but also hosting companies in a variety of other industries, including: aeronautical engineering, research & development, agriculture and biochemistry.

Companies across the globe are coming to realize the opportunity India presents, and are wasting no time in acting. Siemens of Germany, a company which produces and sells power plants, electric meters, hi tech medical equipment and mobile phones has big plans for India. According to CEO Heinrich Von Pierer, "We are going to make new investments in India to the extent of $500 million in the years to come."

The Indian market is growing like never before. More and more companies from across the world are stepping in to market and expand successfully. One major advantage is the support of the Indian Government to foreign companies to market their products in India.

Apart from this, India has also successfully leveraged its fundamental advantages of abundant talent, a keen focus on quality and low costs coupled with an enabling business environment to attain the leadership position in this space. This is reflected in India’s dominant and growing share of the global IT-ITES.

With significant potential still untapped, it is expected that the global sourcing phenomenon will continue to expand in scope, scale and geographic coverage. As global delivery matures, multi-location strategies will become the norm. Building on its existing strengths, India will remain the leading destination and will continue to play an important role in most global sourcing strategies.

The country is in fact, at an important juncture in its history, having completed the transition from an agrarian economy to a fully-fledged, first-world economy, operating at the leading edge of contemporary technology. A key element in taking the country forward and maintaining its growth momentum will be the provision of a highly skilled and competent global workforce.